Approximately 90 % of the end consumers surveyed currently do not bother with personal consultation from agents and insurance companies. Nearly three quarters of prospective insurance clients continue to use the channel they used when they started their user journey. A substantial 27 % first obtain information online about insurance and then they conclude the transaction in store.
Customer experience: quick information on terms and conditions and prices
Insurees particularly value comparison portals and price comparison sites (62 %). One in two of those surveyed obtains their information on the insurance provider’s website. When concluding the insurance contract, what matters most is the insurance provider’s website, very closely followed by comparison portals. Nearly one in three of those surveyed finalised a policy on the move, using their smartphone or tablet.
Personalised marketing: huge potential among young people
Companies must view personalised advertising differently. When advertising is based on interests, hobbies and bought previously items, then twice as many recipients are likely to accept the product than if the advertising is based on age, family situation or search history. In general, younger target groups are more open-minded than the older persons surveyed. Insurance companies should therefore pay attention to how they can address potential customers in a way that is tailored to them individually and to their needs.
Online meets offline: the customer’s journey begins online and continues offline
The study’s results confirm that the coronavirus pandemic has accelerated the process of digitalisation and innovation in the insurance industry. The younger the respondent, the more likely they were to have concluded an insurance policy online. A total of 27 % of respondents first obtain information online about insurance, after which they conclude the transaction in store. Insurance providers must offer customers a comprehensive range of information on how they can conclude an insurance transaction online or obtain advice directly in an insurance office.
Social commerce massively underestimated by companies
The insurance industry is still mostly absent from social media. Only 3 % of respondents have so far concluded an insurance policy after spending time in relevant social media networks. To be the first company to launch the right campaign on social media will give them the edge over the competition. YouTube harbours huge potential. While most consumers (88 %) can be found there, only 44 % of companies use the video platform as a marketing channel.
